Piper Jaffray Raises Price Target on Endo Int'l (ENDP) Leading up to Par Pharma Acquisition

Market Wrap: Icahn Presses Apple for More Buybacks; Endo Issues Major M&A Announcement; Homebuilder Confidence Fell in May

Market wrap for May 18th

End of the Day: S&P 500 up 6.5 to 2,129.20; Dow Jones up 26.3 to 18,298.88; Nasdaq up 30.2 to 5,078.44

Market Brief: Markets closed higher MOnday amid lighter volume and lack of any significant economic data and as Q1 earnings season winds down.

Outspoken investor Carl Icahn sent a letter to Apple CEO Tim Cook, highlighting how he believes Apple stock is worth $240 per share.

Endo moved to acquire Par Pharmaceuticals in a deal valued at $8.05... More

Endo (ENDP) Ratings Placed on Review for Downgrade by Moody's Following Par Pharma Announcement

Moody's Investors Service placed the ratings of Endo Luxembourg Finance I Company S.à.r.l. (Nasdaq: ENDP) and subsidiaries under review for downgrade, including the Ba3 Corporate Family Rating, the Ba3-PD Probability of Default Rating, the Baa3 senior secured rating and the B1 senior unsecured rating. At the same time, Moody's affirmed the SGL-2 Speculative Grade Liquidity Rating, reflecting good liquidity prior to the acquisition of Par. Moody's will evaluate Endo's liquidity based on its post-acquisition financing structure and the SGL may change as part of our analysis.

The review is... More

Notable Mergers and Acquisitions 5/18: (ENDP) (ASNA)/(ANN) (CMGE) (INTC)/(ALTR)

* Endo Int'l (Nasdaq: ENDP) and Par Pharmaceutical Holdings, Inc., announced that they have entered into a definitive agreement under which Endo will acquire privately-held Par from TPG in a transaction valued at $8.05 billion, including assumption of Par debt. The combination will create a leading specialty pharmaceutical company with a generics business that is one of the industry's fastest growing and among the top five as measured by U.S. sales. It is also expected to help drive long-term double-digit revenue growth for Endo. The transaction has been unanimously... More

Pre-Open Stock Movers 05/18: (ANN) (ASNA) (SGYP) Higher; (EBIO) (TSLA) (ENDP) Lower (more...)

Eleven Biotherapeutics (NASDAQ: EBIO) 75.3% LOWER; announced top-line results from the OASIS study, the companys first pivotal Phase 3 study of its lead drug candidate, EBI-005, in moderate to severe dry eye disease. The co-primary endpoints of the Phase 3 study were the total corneal fluorescein staining score and the patient-reported measurement related to ocular pain and discomfort based on the ocular surface disease index (OSDI), comparing the mean change from baseline at week 12 for treatment with EBI-005 to treatment with vehicle control. In this study, EBI-005 did not meet either of these two co-primary endpoints.

Armco... More

Endo Int'l (ENDP) Announces FDA Approval of Expanded XIAFLEX Label

Endo Int'l (NASDAQ: ENDP) announced that the U.S. Food and Drug Administration (FDA) has approved a label update for XIAFLEX (collagenase clostridium histolyticum or CCH) for the treatment of adult Dupuytren's contracture (DC) patients with a palpable cord. The updated label now includes a long-term, observational study demonstrating the rate of recurrence for up to 5 years after successful treatment with XIAFLEX, and the efficacy and safety of retreatment in patients with recurrent DC.

DC is a chronic condition affecting the hand in which abnormal buildup of collagen can... More

Endo Int'l (ENDP) to Acquire Par Pharma in ~$8.05B Deal

Endo Int'l (Nasdaq: ENDP) and Par Pharmaceutical Holdings, Inc., announced that they have entered into a definitive agreement under which Endo will acquire privately-held Par from TPG in a transaction valued at $8.05 billion, including assumption of Par debt. The combination will create a leading specialty pharmaceutical company with a generics business that is one of the industry's fastest growing and among the top five as measured by U.S. sales. It is also expected to help drive long-term double-digit revenue growth for Endo. The transaction has been unanimously approved by the... More